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Armtec to sell its St-Jean-sur-Richelieu precast operations
August 26, 2015 By Drainage Contractor
Aug. 26, 2015, Concord, ON – Armtec LP is entering into a binding agreement to divest its precast concrete assets located in St-Jean-sur-Richelieu, Que.
The purchaser is Béton Préfabriqué du Richelieu (BPDR) and consists of the Caron family, the prior owner of the business, Camil Sauvé, the current general manager and Béton Préfabriqué du Lac, a leading precast concrete company in Quebec and northeastern United States.
BPDR will assume substantially all of the assets and employees of the business, and substantially all of the existing customer contracts and supplier obligations.
In addition to the purchase and sale agreement, Armtec and BPDR have entered into a distribution agreement whereby BPDR will be the exclusive distributor of absorptive and transparent noise wall barriers on behalf of Armtec in the province of Quebec.
The transaction is scheduled to close on Aug. 31.
“We believe the sale of the Quebec precast business will allow Armtec to improve its focus on the precast business in Ontario and the western Canada provinces while continuing to deliver excellent value to its drainage customers coast-to-coast,” said Mark Anderson, president and CEO. “We wish our departing employees and new owners success in the future.”
“We support management’s decision to divest these assets and we look forward to strengthening Armtec’s market leading position in drainage and precast concrete solutions in Canada,” added Pierre McNeil, COO of Brookfield Capital Partners. Brookfield acquired the assets of Armtec on June 1.
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